Ghana Home Loans (GHL), the nation’s market leader in mortgage financing, today becomes Ghana’s latest universal bank. The new company is known as GHL Bank.
GHL Bank was granted a universal banking license by the Bank of Ghana on the 23rd of June this year.
Commenting on the official launch of GHL Bank in Accra today, Mr. Dominic Adu, CEO of GHL Bank, said: “As a universal bank, we are working with government and building partnerships to make mortgages affordable and creating the environment to making home ownership much easier.”
Mr. Adu noted that the processes to transform the mortgage market leader into a universal bank have already begun, saying: “We have hired a world class team and invested in systems and processes ready to provide a one-stop bank for financial services at every stage of your life – anchored by our core vision to be the foremost bank for wealth creation.”
The Board Chairman of GHL Bank, Mr. Albert Essien, commented that, “GHL Bank’s entry into the universal banking space has been long awaited. We have taken time to develop a very strong and effective corporate governance structure and we are poised to execute unflinchingly on the many expectations of our clients, shareholders and regulators.”
Mr. Essien further stated, that the Bank of Ghana minimum capital requirement of GHS400m will be met and deployed prudently.
Building on the impressive foundation of Ghana Home Loans, GHL Bank will deliver unique experience to clients, with a comprehensive range of personal, private and business banking products.
It will be the foremost institution for wealth creation in Ghana.
GHL Bank currently operates from its Airport Residential Area head office and has plans to roll out its branch network at strategic locations throughout the country.
The bank currently employs about 160 professionals and will offer a full bouquet of universal banking services.
Ghana Home Loans, now GHL Bank, was established in 2006, focusing exclusively on providing mortgage products.
In 2007, it became the national leader in the mortgage industry.
Over the past decade, it has served over 3,000 households with approximately US$190 million in home financing. In doing so, it has transformed the housing finance industry, addressing systemic challenges that previously made mortgages almost unobtainable in Ghana.
The company has also placed Ghana on the international finance map, sourcing over US$200 million in long-term funding from a formidable list of institutions such as the Overseas Private Investment Corporation, the Dutch Development Bank FMO, IFC, the Paris-based Proparco, Germany's DEG, ECOWAS Bank for Investment and Development, Ghana International Bank and Shelter Afrique.
In 2012, the Dubai-based private equity fund Abraaj acquired a majority stake in Ghana Home Loans, now GHL Bank.
Ghana Home Loans is a member of the prestigious Ghana Club 100.
<<Print>>